1211 Miller Street, Anaheim
Address: 1211 Miller Street, Anaheim
Description: 200,646 sq. ft. single-tenant industrial building
Seller: Targus, Inc.
Assignment: Negotiate a lease renewal on behalf of the Lessor to maintain the occupancy of a class A distribution facility amongst the availability of multiple competing properties in the immediate vicinity.
Result: The Team secured an additional five-year lease for the Lessor that commenced at the expiration of the original lease term, as opposed to a “blend and extend” lease concept. This was a very favorable outcome for the Lessor since it retained the tenant at a higher rent amount until the middle of 2014, when the new five-year lease term would take effect. The rental rate achieved was also comparable, if not superior, to the property’s most competitive neighboring properties, which are all brand-new facilities.
Total Value of the Transaction: $7,181,439